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Determine the cost of goods sold during the period

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The accounting records of Shumway Ag Implement show the following data.

Beginning inventory

4,000 units at $ 3

Purchases

6,000 units at $ 4

Sales

7,000 units at $12

Determine the cost of goods sold during the period under a periodic inventory system using (a) the FIFO method, (b) the LIFO method, and (c) the average-cost method.

 

Reference no: EM13513254

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